Semi-Annual Financial Statement– as at June 30, 2010

Semi-Annual Financial Statement – as at June 30, 2010

managed by CI Investments Inc. issued by Transamerica Life Canada

LegacySegregated

Funds

Overview ................................................................................................................................. 1

Equity Funds

CI American Equity Segregated Fund........................................................................................... 2

CI American Small Companies Segregated Fund ....................................................................... 6

CI Global Segregated Fund ......................................................................................................... 10

CI International Segregated Fund............................................................................................... 14

Signature Canadian Segregated Fund........................................................................................ 18

Signature Select Canadian Segregated Fund ............................................................................ 22

Balanced Funds

Signature Canadian Balanced Segregated Fund ....................................................................... 26

Income Funds

CI Money Market Segregated Fund ........................................................................................... 30

CI Canadian Bond Segregated Fund........................................................................................... 33

Signature Dividend Income Segregated Fund............................................................................ 36

Signature High Income B Segregated Fund ............................................................................... 39

Signature High Income Segregated Fund .................................................................................. 42

Notes to the Financial Statements ..................................................................................... 45

Legal Notice ............................................................................................................................ 47

A look inside

– 1 –

Enclosed are the Financial Statements for your CI Investments

segregated funds for the period ending June 30, 2010. Inside is

important information about each fund, including its financial

statements for the period and a list of the top portfolio holdings of

the underlying fund as of the end of the year.

Additional information about your funds can be found on our website,

www.ci.com.

If you have any questions about your investments, please contact your

financial advisor. CI is proud to partner with advisors across Canada.

We believe investors are most successful when they follow an

investment plan developed with the assistance of a qualified advisor.

You may also contact CI Client Services at 1-800-792-9355.

Thank you for investing with us.

ABOUT CI INVESTMENTS

CI has been investing on behalf of Canadians since 1965 and has

grown to become one of Canada’s largest investment fund companies.

We manage over $64 billion on behalf of 1.7 million Canadians.

CI is a subsidiary of CI Financial Corp., a TSX-listed financial services

firm with $86 billion in fee-earning assets at June 30, 2010.

CI provides one of the industry’s widest selections of investment

products and services and a strong lineup of leading portfolio

management teams. Our portfolio management expertise is offered

through several platforms, including mutual funds, tax-efficient funds,

segregated funds, and managed solutions.

2 Queen Street East, Twentieth FloorToronto, Ontario M5C 3G7www.ci.com

Telephone: 416-364-1145Toll Free: 1-800-268-9374Facsimile: 416-364-6299

– 2 –

CI American Equity Segregated FundTop 25 Holdings of Underlying Fund (unaudited)

CIG - 134

Underlying Fund Name: CI American Equity Fund

No. of Shares/ Average FairFace Amount Investment Cost ($) Value ($)

6,438 Google Inc., Class A 3,230,606 3,049,510 119,268 Microsoft Corp. 3,512,892 2,921,518 59,352 Phillip Morris International Inc. 3,040,529 2,896,329

117,920 Oracle Corp. 2,479,365 2,693,923 113,242 Cisco Systems Inc. 2,887,917 2,568,969 62,232 JPMorgan Chase & Co. 2,448,159 2,425,389 17,540 International Business Machines Corp. 2,073,875 2,305,654 44,518 Abbott Laboratories Inc. 2,351,808 2,216,990 26,286 3M Co. 2,168,577 2,210,368 59,339 Walt Disney Co. 1,612,045 1,989,843 48,081 Accenture PLC 1,671,123 1,978,294 51,463 Gilead Sciences Inc. 2,600,357 1,878,036 21,872 Occidental Petroleum Corp. 1,791,440 1,796,356 12,400 Goldman Sachs Group Inc. 1,906,209 1,732,827

112,537 Charles Schwab Corp. 2,138,177 1,698,789 23,986 McDonald's Corp. 1,617,596 1,681,951 40,062 Hansen Natural Corp. 1,472,485 1,667,971

166,600 AES Corp. 1,936,544 1,638,758 63,131 Dow Chemical Co. 1,855,981 1,594,136 43,377 Urban Outfitters Inc. 876,444 1,588,033 38,331 Southwestern Energy Co. 1,687,636 1,576,722 59,311 Avnet Inc. 1,781,364 1,522,301 34,200 Baxter International Inc. 1,566,442 1,479,612 53,900 Wells Fargo & Co. 1,472,195 1,468,915 5,463 Apple Computer Inc. 700,529 1,462,813

Semi-Annual Financial Statements as at June 30, 2010

– 3 –

AssetsInvestments at fair value* CashReceivable for unit subscriptionsReceivable for securities soldManagement fee rebate receivableReceivable for income distribution

and interest

LiabilitiesBank overdraftManagement fees payableAdministration fees payableInsurance fees payablePayable for securities purchased Payable for unit redemptions

Net assets and unitholders’ equity

*Investments at cost

Net assets per unit – Schedule 1Class IClass II

Number of units outstanding (Unit transactions – Schedule 2)

Class IClass II

IncomeIncome distribution from investmentsInterestManagement fee rebate

Expenses (Note 4)(Management expense ratios – Schedule 3)

Management feesAdministrative feesInsurance feesCustody feesLegal feesAudit feesGoods and services tax

Net investment income (loss)for the period

Realized and unrealized gain (loss) on investments Realized gain (loss) on investments Capital gain distribution

from investmentsChange in unrealized appreciation

(depreciation) of investmentsNet gain (loss) on investmentsIncrease (decrease) in net assets

from operations(Increase (decrease) in net assets from operations per unit – Schedule 4)

Statements of Operations for the periods ended June 30(in $000’s)

2010 2009

1,982 9,62019 20

- -1 42- -

- -2,002 9,682

- -- 14- -- -- -- 99- 113

2,002 9,569

4,010 17,691

7.75 8.577.47 8.33

109,191 448,372154,695 687,601

Statements of Net Assets as at June 30, 2010 and December 31, 2009 (in $000’sexcept for per unit amounts and units outstanding)

Net assets, beginning of period

Capital transactionsProceeds from units issued Payments for units redeemed

Increase (decrease) in net assetsfrom operations

Net assets, end of period

2010 2009

9,569 10,240

57 155(7,355) (804)(7,298) (649)

(269) 8372,002 10,428

Statements of Changes in Net Assets for the periods ended June 30(in $000’s)

2010 2009

- -- -- -- -

38 791 2- -- -- -- -2 4

41 85

(41) (85)

(6,271) (907)

- -

6,043 1,829(228) 922

(269) 837

CI American Equity Segregated FundFinancial Statements (unaudited)

Percentages shown in brackets in the Statement of Investment Portfolio relate investments at fair value to total net assets of the Fund. The accompanying notes are an integral part of these financial statements.


Statement of Investment Portfolio as at June 30, 2010

No. of Average FairUnits/Shares Investment Cost ($) Value ($)

359,051 CI American Equity Fund (Class A) 4,009,613 1,981,961

Total Investments (99.0%) 4,009,613 1,981,961

Other Assets (net) (1.0%) 19,882

Total Net Assets (100.0%) 2,001,843

– 4 –Semi-Annual Financial Statements as at June 30, 2010

CI American Equity Segregated FundFinancial Statements – Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited)

1 Management expense information is calculated based on expenses charged directly to the Fund plus, if applicable, expenses of the underlying mutual fund, calculated on a weighted average basis on thepercentage weighting of the underlying mutual fund and is expressed as an annualized percentage of average net asset value for the periods shown.

2 Effective fiscal 2005, the fiscal year end of the underlying mutual fund changed from December 31 to March 31, 2006. As a result, the MER of the underlying mutual fund was based on the most recent auditedMER at December 31, 2004. It was expected that the MER of the underlying mutual fund at December 31, 2005 would have been less than the prior year MER due to a decline in fees that occurred in September 2005.

3 Increase (decrease) in net assets from operations per unit is calculated by dividing the increase (decrease) in net assets from operations of the class by the weighted average number of units outstanding of theclass during the period.

The accompanying notes are an integral part of these financial statements.

2010 2009 2010 2009

(0.43) 0.65 (0.46) 0.57

Schedule 1 Class I

Net asset value per unit, end of period ($)

Schedule 1 (cont’d) Class II


Schedule 2 Class I Class II

Unit transactions Balance, beginning of periodUnits issued for cash Units redeemedBalance, end of period

Schedule 3 Class I

Management expense ratios 1, 2 (%)Management and operating expensesGoods and services tax expensesTotal management expense ratio




Increase (decrease) in net assetsfrom operations per unit 3 ($)

2010 2009 2008 2007 2006 2005

7.47 7.64 9.92 13.25 11.50 11.78

2010 2009 2008 2007 2006 2005

7.75 7.78 9.97 13.33 11.57 11.85

2010 2009 2008 2007 2006 2005

2.61 2.63 4.39 4.55 4.55 4.670.13 0.13 0.22 0.27 0.29 0.322.74 2.76 4.61 4.82 4.84 4.99

2010 2009 2008 2007 2006 2005

4.51 4.53 4.54 4.55 4.55 4.670.23 0.23 0.23 0.27 0.29 0.324.74 4.76 4.77 4.82 4.84 4.99

2010 2009 2010 2009

448,372 533,872 687,601 913,2705,883 4,918 3,313 17,397

(345,064) (49,959) (536,219) (64,274)109,191 488,831 154,695 866,393

During the six-month period the Fund’s exposure to other price risk changed significantly as disclosedin the section below. For details relating to credit risk, currency risk, liquidity risk, interest rate riskand fair value hierarchy, refer to the audited annual financial statements as at December 31, 2009,as the Fund’s exposure to those risks remains unchanged.

Other Price Risk The Fund bears the other price risk exposure of the Underlying Fund. The Underlying Fund is exposedto other price risk as its holdings are sensitive to changes in general economic conditions in theUnited States. The Underlying Fund is predominantly invested in U.S. stocks; as a result, an overalldownturn in the American economy may have a negative impact on the value of the UnderlyingFund’s holdings.

The tables below summarize the Fund’s overall market exposure.

as at June 30, 2010*

Investments held for trading

as at December 31, 2009*


*Excludes loans and receivables as well as financial liabilities at amortized cost.

As at June 30, 2010, had the U.S. markets increased or decreased by 10% (December 31, 2009 -10%), with all other variables held constant, the Fund’s net assets would have increased or decreased,respectively, by approximately $198,000 (December 31, 2009 - $962,000). In practice, actual resultsmay differ from this sensitivity analysis and the difference may be material.


CI American Equity Segregated FundFund Specific Financial Instruments Risks (Note 2) (unaudited)


Fair value Net Assets(in $000’s) (%)

1,982 99.0 1,982 99.0


9,620 100.59,620 100.5

– 6 –

CI American Small Companies Segregated Fund Top 25 Holdings of Underlying Fund (unaudited)

CIG - 133

Underlying Fund Name: CI American Small Companies Fund


135,810 Syniverse Holdings Inc. 2,244,203 2,956,603 112,960 Endo Pharmaceuticals Holdings Inc. 3,312,709 2,623,901 116,611 GameStop Holding Co. 2,841,766 2,332,568 33,700 Sybase Inc. 772,414 2,319,709 46,150 ONEOK Inc. 2,008,563 2,124,838 33,380 IHS Inc., Class A 1,622,587 2,075,945 57,400 DTS Inc. 1,268,243 2,008,536

115,250 Washington Federal Inc. 2,084,743 1,985,123 46,429 Tupperware Brands Corp. 1,639,888 1,969,634 67,900 SonoSite Inc. 2,214,315 1,959,599 64,346 Silgan Holdings Inc. 1,871,790 1,944,025 84,500 Westar Energy Inc. 2,231,408 1,943,925 67,700 AGCO Corp. 2,243,848 1,943,737 77,100 Vectren Corp. 2,188,767 1,941,946 38,550 Ventas Inc. 1,545,579 1,926,761 28,850 DaVita Inc. 1,612,345 1,917,682

157,510 Masco Corp. 2,234,850 1,804,215 67,350 Simpson Manufacturing Co., Inc. 1,884,538 1,760,180 47,050 NSTAR 1,628,746 1,753,055

219,450 ADC Telecommunications Inc. 2,402,362 1,731,098 29,600 Teleflex Inc. 1,707,357 1,710,407 40,180 Wabtec Corp. 1,661,816 1,706,247 43,900 The Warnaco Group Inc. 1,661,232 1,688,965 51,900 Corn Products International Inc. 1,424,709 1,674,087 78,832 Methanex Corp. (USD) 1,321,918 1,652,404


– 7 –


and interest






Class IClass II










2010 2009

384 941- 5- -3 -- -

- -387 946

2 -- 1- -- -- -- 22 3

385 943

496 1,170

7.58 7.917.26 7.66

34,165 66,48017,304 54,426






2010 2009

943 1,030

3 9(547) (63)(544) (54)

(14) 21385 997


2010 2009

- -- -- -- -

4 7- -- -- -- -- -- -4 7

(4) (7)

(126) (35)

- -

116 63(10) 28

(14) 21

CI American Small Companies Segregated FundFinancial Statements (unaudited)





17,457 CI American Small Companies Fund (Class A) 495,895 383,532

Total Investments (99.7%) 495,895 383,532


Total Net Assets (100.0%) 384,640


CI American Small Companies Segregated FundFinancial Statements – Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited)





2010 2009 2010 2009

(0.17) 0.19 (0.19) 0.09

Schedule 1 Class I






Schedule 3 Class I






2010 2009 2008 2007 2006 2005

7.26 7.04 8.69 10.79 9.67 8.81

2010 2009 2008 2007 2006 2005

7.58 7.17 8.72 10.84 9.71 8.85

2010 2009 2008 2007 2006 2005

2.65 2.65 4.83 5.05 5.05 5.120.13 0.13 0.24 0.30 0.32 0.362.78 2.78 5.07 5.35 5.37 5.48

2010 2009 2008 2007 2006 2005

5.05 5.05 5.04 5.05 5.05 5.120.25 0.25 0.25 0.30 0.32 0.365.30 5.30 5.29 5.35 5.37 5.48

2010 2009 2010 2009

66,480 78,406 54,426 70,289152 215 242 1,401

(32,467) (4,806) (37,364) (5,282)34,165 73,815 17,304 66,408

During the six-month period the Fund’s exposure to other price risk changed significantly as disclosed in the section below. For details relating to credit risk, currency risk, liquidity risk,interest rate risk and fair value hierarchy, refer to the audited annual financial statements as atDecember 31, 2009, as the Fund’s exposure to those risks remains unchanged.

Other Price Risk The Fund bears the other price risk exposure of the Underlying Fund. The Underlying Fund is exposedto other price risk as its holdings are sensitive to changes in general economic conditions in theUnited States. The Underlying Fund is predominantly invested in U.S. stocks; as a result, an overalldownturn in the American economy may have a negative impact on the value of the UnderlyingFund’s holdings.







As at June 30, 2010, had the U.S. markets increased or decreased by 10% (December 31, 2009 -10%), with all other variables held constant, the Fund’s net assets would have increased or decreased,respectively, by approximately $38,000 (December 31, 2009 - $94,000). In practice, actual results maydiffer from this sensitivity analysis and the difference may be material.


CI American Small Companies Segregated FundFund Specific Financial Instruments Risks (Note 2) (unaudited)



384 99.7 384 99.7


941 99.8941 99.8

– 10 –

CI Global Segregated FundTop 25 Holdings of Underlying Fund (unaudited)

CIG - 135

Underlying Fund Name: CI Global Fund


30,540,551 Cash & Equivalents 9,291,025 9,504,984 15,934 Google Inc., Class A 8,288,412 7,547,515

176,785 Credit Suisse Group 7,887,580 7,145,439 144,938 Phillip Morris International Inc. 7,058,941 7,072,856 125,920 DaimlerChrysler AG, Registered Shares 5,607,558 6,870,986 567,123 Volvo AB, Series B 3,880,349 6,762,423 275,876 Microsoft Corp. 8,443,839 6,757,693 133,749 Alstom 7,089,183 6,525,191 616,303 Taiwan Semiconductor

Manufacturing Co., Ltd., ADR 6,449,106 6,403,421 276,004 Oracle Corp. 5,673,229 6,305,406 952,199 Hutchison Whampoa Ltd. 10,604,731 6,287,419 155,334 JPMorgan Chase & Co. 6,212,763 6,053,885 265,065 Cisco Systems Inc. 6,865,636 6,013,174

704 AP Moller - Maersk A/S 4,933,779 5,961,817 110,977 Abbott Laboratories Inc. 5,792,732 5,526,639

7,034,102 Industrial & Commercial Bank of China 5,083,290 5,500,501 41,101 International Business Machines Corp. 4,909,150 5,402,776

147,648 Petroleo Brasileiro SA, ADR 6,154,190 5,394,396 61,558 3M Co. 5,090,439 5,176,361

225,907 CRH PLC 6,025,881 5,025,449 119,261 Accenture PLC 4,246,052 4,906,998 161,407 Yara International ASA 5,665,566 4,884,209 45,638 Allianz AG, Registered Shares 5,507,655 4,862,374 71,605 Housing Development Finance Corp., Ltd. 3,484,833 4,831,361 38,970 Synthes Inc. 4,582,015 4,792,340


– 11 –


and interest






Class IClass II










2010 2009

3,159 14,171- -- -

21 56- -

- -3,180 14,227

6 -- 19- 1- -- -3 2469 266

3,171 13,961

4,386 17,867

6.31 6.986.08 6.79

232,431 893,047280,537 1,137,131






2010 2009

13,961 16,643

45 208(10,277) (1,443)(10,232) (1,235)

(558) 8413,171 16,249


2010 2009

- -- -- -- -

49 1111 3- -- -- -- -3 6

53 120

(53) (120)

(2,974) (695)

- -

2,470 1,656(504) 961

(558) 841

CI Global Segregated FundFinancial Statements (unaudited)





352,561 CI Global Fund (Class A) 4,386,037 3,158,949





CI Global Segregated FundFinancial Statements – Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited)





2010 2009 2010 2009

(0.49) 0.33 (0.54) 0.30

Schedule 1 Class I






Schedule 3 Class I






2010 2009 2008 2007 2006 2005

6.08 6.28 8.42 10.60 9.45 9.10

2010 2009 2008 2007 2006 2005

6.31 6.40 8.48 10.67 9.50 9.15

2010 2009 2008 2007 2006 2005

2.61 2.61 4.30 4.46 4.46 4.570.13 0.13 0.21 0.26 0.28 0.322.74 2.74 4.51 4.72 4.74 4.89

2010 2009 2008 2007 2006 2005

4.46 4.46 4.45 4.46 4.46 4.570.22 0.22 0.22 0.26 0.28 0.324.68 4.68 4.67 4.72 4.74 4.89

2010 2009 2010 2009

893,047 1,162,725 1,137,131 1,617,7905,543 10,196 3,424 24,914

(666,159) (117,094) (860,018) (131,846)232,431 1,055,827 280,537 1,510,858

During the six-month period the Fund’s exposure to other price risk changed significantly as disclosedin the section below. For details relating to credit risk, currency risk, liquidity risk, interest rate riskand fair value hierarchy, refer to the audited annual financial statements as at December 31, 2009,as the Fund’s exposure to those risks remains unchanged.

Other Price Risk The Fund bears the other price risk exposure of the Underlying Fund. The Underlying Fund is exposed to other price risk as its holdings are sensitive to changes in general economic conditionsacross the world. The Underlying Fund is invested in foreign stocks; as a result, an overall downturnin world economic conditions may have a negative impact on the value of the Underlying Fund’sholdings.







As at June 30, 2010, had the global markets increased or decreased by 10% (December 31, 2009 -10%), with all other variables held constant, the Fund’s net assets would have increased ordecreased, respectively, by approximately $316,000 (December 31, 2009 - $1,417,000). In practice,actual results may differ from this sensitivity analysis and the difference may be material.


CI Global Segregated FundFund Specific Financial Instruments Risks (Note 2) (unaudited)



3,159 99.6 3,159 99.6


14,171 101.514,171 101.5

– 14 –

CI International Segregated FundTop 25 Holdings of Underlying Fund (unaudited)

CIG - 136

Underlying Fund Name: CI International Fund


32,044 DaimlerChrysler AG, Registered Shares 1,397,779 1,748,522 135,477 Volvo AB, Series B 974,270 1,615,439

186 AP Moller - Maersk A/S 1,310,671 1,575,139 30,555 Alstom 1,592,235 1,490,682 6,175 Zurich Financial Services AG 1,281,861 1,460,799

19,776 Fresenius AG 1,505,635 1,396,501 33,397 Credit Suisse Group 1,521,244 1,349,867 50,359 Standard Chartered PLC 1,155,933 1,314,068 11,500 Allianz AG, Registered Shares 1,441,482 1,225,236 45,269 Royal Dutch Shell PLC, Class A 1,292,857 1,224,440 34,125 Carnival PLC 1,278,927 1,184,564 34,819 British American Tobacco PLC 1,127,590 1,182,909 73,400 BG Group PLC 1,302,824 1,174,157

202,179 Esprit Holdings Ltd. 1,381,311 1,173,306 38,600 Yara International ASA 1,380,925 1,168,044 15,488 Compagnie Generale des

Etablissements Michelin, Class B 1,082,129 1,163,858 117,900 HSBC Holdings PLC 1,209,231 1,153,353 49,794 CRH PLC 1,289,885 1,107,700

122,000 Petroleum Geo-Services ASA 1,609,917 1,099,541 22,180 SAP AG 1,072,290 1,058,995 34,500 Sumitomo Mitsui Financial Group Inc. 1,151,407 1,054,690 92,372 Banco Santander Central Hispano SA 1,416,025 1,050,884 36,366 Ryanair Holdings PLC, ADR 1,097,193 1,048,751 96,100 DBS Group Holdings Ltd. 695,911 1,000,014 24,510 Canon Inc. 1,066,561 983,109


– 15 –


and interest






Class IClass II










2010 2009

1,487 6,1917 -- -1 34- -

- -1,495 6,225

- 20- 7- -- -- -3 473 74

1,492 6,151

2,176 8,160

6.80 7.616.53 7.39

135,396 482,52687,646 335,113






2010 2009

6,151 7,480

75 95(4,382) (542)(4,307) (447)

(352) 1211,492 7,154


2010 2009

- -- -- -- -

17 431 1- -- -- -- -1 2

19 46

(19) (46)

(1,613) (281)

- -

1,280 448(333) 167

(352) 121

CI International Segregated FundFinancial Statements (unaudited)





128,330 CI International Fund (Class A) 2,176,337 1,487,339





CI International Segregated FundFinancial Statements – Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited)





2010 2009 2010 2009

(0.77) 0.14 (0.82) 0.08

Schedule 1 Class I






Schedule 3 Class I






2010 2009 2008 2007 2006 2005

6.53 6.72 9.79 12.02 10.63 9.59

2010 2009 2008 2007 2006 2005

6.80 6.86 9.86 12.10 10.70 9.65

2010 2009 2008 2007 2006 2005

2.61 2.61 4.40 4.56 4.56 4.690.13 0.13 0.22 0.27 0.29 0.322.74 2.74 4.62 4.83 4.85 5.01

2010 2009 2008 2007 2006 2005

4.56 4.56 4.55 4.56 4.56 4.690.23 0.23 0.23 0.27 0.29 0.324.79 4.79 4.78 4.83 4.85 5.01

2010 2009 2010 2009

482,526 610,328 335,113 513,3297,604 112 4,429 14,474

(354,734) (39,177) (251,896) (46,519)135,396 571,263 87,646 481,284


Other Price Risk The Fund bears the other price risk exposure of the Underlying Fund. The Underlying Fund is exposedto other price risk as its holdings are sensitive to changes in general economic conditions acrossthe world. The Underlying Fund is fully invested in foreign stocks; as a result, an overall downturnin world economic conditions may have a negative impact on the value of the Underlying Fund’sholdings.







As at June 30, 2010, had the global markets increased or decreased by 10% (December 31, 2009 -10%), with all other variables held constant, the Fund’s net assets would have increased ordecreased, respectively, by approximately $149,000 (December 31, 2009 - $619,000). In practice,actual results may differ from this sensitivity analysis and the difference may be material.


CI International Segregated FundFund Specific Financial Instruments Risks (Note 2) (unaudited)



1,487 99.7 1,487 99.7


6,191 100.76,191 100.7

– 18 –

Signature Canadian Segregated FundTop 25 Holdings of Underlying Fund (unaudited)

CIG - 131

Underlying Fund Name: Signature Select Canadian Fund


2,290,983 Toronto-Dominion Bank 139,941,537 158,032,007 134,000,001 Short-Term Notes 134,000,000 134,002,219

3,452,745 Suncor Energy Inc. 111,245,534 108,174,501 2,800,600 Canadian Natural Resources Ltd. 88,653,246 98,945,198 1,997,400 Barrick Gold Corp. 84,191,488 96,514,368 5,165,100 Talisman Energy Inc. 83,090,992 83,158,110 1,439,400 Royal Bank of Canada 79,785,347 72,977,580 2,203,900 BCE Inc. 66,603,485 68,453,134 1,548,300 Eli Lilly and Co. 64,712,316 55,216,371 3,528,600 Bank of America Corp. 54,681,557 53,979,286 1,335,980 TELUS Corp., Non-Voting Shares 51,333,228 51,461,950

795,700 Johnson & Johnson 54,827,749 50,027,723 1,295,400 Rogers Communications Inc., Class B 37,228,689 45,054,012

936,900 Goldcorp Inc. 35,926,463 43,668,909 566,700 Union Pacific Corp. 32,486,282 41,934,207

1,294,700 EnCana Corp. 42,685,226 41,741,128 649,800 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD) 50,265,268 40,903,034 1,057,900 Merck & Co., Ltd. 40,564,877 39,382,945 2,468,700 Manulife Financial Corp. 47,976,518 38,141,415

454,500 Occidental Petroleum Corp. 35,167,782 37,328,261 947,635 Imperial Oil Ltd. 37,773,798 36,749,285 523,000 Canadian Imperial Bank of Commerce 34,673,735 34,591,220 632,400 Research In Motion Ltd. (USD) 45,036,989 33,163,030

4,035,300 Bank of America Corp., Warrants (16Jan19) 34,723,974 32,862,848 524,800 Canadian National Railway Co. 27,888,552 32,018,048


– 19 –


and interest






Class IClass II










2010 2009

3,540 8,39926 49

- -6 -- -

- -3,572 8,448

- -- 8- -- -- -6 146 22

3,566 8,426

3,778 8,389

13.95 14.9213.34 14.41

163,865 346,54795,959 225,916






2010 2009

8,426 7,840

64 76(4,631) (449)(4,567) (373)

(293) 7903,566 8,257


2010 2009

- -- -- -- -

28 441 2- -- -- -- -1 2

30 48

(30) (48)

(14) (132)

- -

(249) 970(263) 838

(293) 790

Signature Canadian Segregated FundFinancial Statements (unaudited)





219,858 Signature Select Canadian Fund (Class A) 3,777,978 3,539,714





Signature Canadian Segregated FundFinancial Statements – Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited)





2010 2009 2010 2009

(0.72) 1.26 (0.85) 1.13

Schedule 1 Class I






Schedule 3 Class I






2010 2009 2008 2007 2006 2005

13.34 12.70 15.76 16.75 13.99 11.87

2010 2009 2008 2007 2006 2005

13.95 13.00 15.91 16.90 14.11 11.98

2010 2009 2008 2007 2006 2005

2.49 2.49 4.41 4.59 4.59 4.670.12 0.12 0.22 0.27 0.29 0.332.61 2.61 4.63 4.86 4.88 5.00

2010 2009 2008 2007 2006 2005

4.59 4.59 4.58 4.59 4.59 4.670.23 0.23 0.23 0.27 0.29 0.334.82 4.82 4.81 4.86 4.88 5.00

2010 2009 2010 2009

346,547 384,751 225,916 288,8778,496 127 5,257 6,664

(191,178) (16,606) (135,214) (22,150)163,865 368,272 95,959 273,391


Other Price Risk The Fund bears the other price risk exposure of the Underlying Fund. The Underlying Fund is exposed to other price risk as its holdings are sensitive to changes in general economic conditionsin Canada. The Underlying Fund is predominantly invested in Canadian stocks; as a result, an overalldownturn in the Canadian economy may have a negative impact on the value of the UnderlyingFund’s holdings.







As at June 30, 2010, had the Canadian markets increased or decreased by 10% (December 31,2009 - 10%), with all other variables held constant, the Fund’s net assets would have increased ordecreased, respectively, by approximately $354,000 (December 31, 2009 - $840,000). In practice,actual results may differ from this sensitivity analysis and the difference may be material.


Signature Canadian Segregated FundFund Specific Financial Instruments Risks (Note 2) (unaudited)



3,540 99.3 3,540 99.3


8,399 99.78,399 99.7

– 22 –

Signature Select Canadian Segregated FundTop 25 Holdings of Underlying Fund (unaudited)

CIG - 132

Underlying Fund Name: Signature Select Canadian Fund


2,290,983 Toronto-Dominion Bank 139,941,537 158,032,007 134,000,001 Short-Term Notes 134,000,000 134,002,219

3,452,745 Suncor Energy Inc. 111,245,534 108,174,501 2,800,600 Canadian Natural Resources Ltd. 88,653,246 98,945,198 1,997,400 Barrick Gold Corp. 84,191,488 96,514,368 5,165,100 Talisman Energy Inc. 83,090,992 83,158,110 1,439,400 Royal Bank of Canada 79,785,347 72,977,580 2,203,900 BCE Inc. 66,603,485 68,453,134 1,548,300 Eli Lilly and Co. 64,712,316 55,216,371 3,528,600 Bank of America Corp. 54,681,557 53,979,286 1,335,980 TELUS Corp., Non-Voting Shares 51,333,228 51,461,950

795,700 Johnson & Johnson 54,827,749 50,027,723 1,295,400 Rogers Communications Inc., Class B 37,228,689 45,054,012

936,900 Goldcorp Inc. 35,926,463 43,668,909 566,700 Union Pacific Corp. 32,486,282 41,934,207

1,294,700 EnCana Corp. 42,685,226 41,741,128 649,800 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD) 50,265,268 40,903,034 1,057,900 Merck & Co., Ltd. 40,564,877 39,382,945 2,468,700 Manulife Financial Corp. 47,976,518 38,141,415

454,500 Occidental Petroleum Corp. 35,167,782 37,328,261 947,635 Imperial Oil Ltd. 37,773,798 36,749,285 523,000 Canadian Imperial Bank of Commerce 34,673,735 34,591,220 632,400 Research In Motion Ltd. (USD) 45,036,989 33,163,030

4,035,300 Bank of America Corp., Warrants (16Jan19) 34,723,974 32,862,848 524,800 Canadian National Railway Co. 27,888,552 32,018,048


– 23 –


and interest






Class IClass II










2010 2009

7,709 14,27728 28

- -9 71- -

- -7,746 14,376

- -- 18- 1- -- 25

55 26255 306

7,691 14,070

7,941 13,757

25.77 27.5724.78 26.80

119,163 234,103186,463 284,169






2010 2009

14,070 12,904

504 194(6,235) (860)(5,731) (666)

(648) 1,2867,691 13,524


2010 2009

- -- -- -- -

75 902 3- -- -- -- -4 5

81 98

(81) (98)

184 (179)

- -

(751) 1,563(567) 1,384

(648) 1,286

Signature Select Canadian Segregated FundFinancial Statements (unaudited)





478,827 Signature Select Canadian Fund (Class A) 7,940,594 7,709,122


Other Assets (net) (-0.2%) (17,876)



Signature Select Canadian Segregated FundFinancial Statements – Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited)





2010 2009 2010 2009

(1.58) 2.37 (1.78) 2.06

Schedule 1 Class I






Schedule 3 Class I






2010 2009 2008 2007 2006 2005

24.78 23.60 29.28 31.11 25.97 22.02

2010 2009 2008 2007 2006 2005

25.77 24.02 29.40 31.24 26.08 22.12

2010 2009 2008 2007 2006 2005

2.54 2.54 4.39 4.59 4.59 4.670.13 0.13 0.22 0.27 0.29 0.332.67 2.67 4.61 4.86 4.88 5.00

2010 2009 2008 2007 2006 2005

4.59 4.59 4.58 4.59 4.59 4.670.23 0.23 0.23 0.27 0.29 0.334.82 4.82 4.81 4.86 4.88 5.00

2010 2009 2010 2009

234,103 264,423 284,169 334,7498,297 4,485 10,842 3,934

(123,237) (14,568) (108,548) (24,554)119,163 254,340 186,463 314,129


Other Price Risk The Fund bears the other price risk exposure of the Underlying Fund. The Underlying Fund is exposed to other price risk as its holdings are sensitive to changes in general economic conditionsin Canada. The Underlying Fund is predominantly invested in Canadian stocks; as a result, an overalldownturn in the Canadian economy may have a negative impact on the value of the UnderlyingFund’s holdings.







As at June 30, 2010, had the Canadian markets increased or decreased by 10% (December 31,2009 - 10%), with all other variables held constant, the Fund’s net assets would have increased ordecreased, respectively, by approximately $771,000 (December 31, 2009 - $1,428,000). In practice,actual results may differ from this sensitivity analysis and the difference may be material.


Signature Select Canadian Segregated FundFund Specific Financial Instruments Risks (Note 2) (unaudited)



7,709 100.2 7,709 100.2


14,277 101.514,277 101.5

– 26 –

Signature Canadian Balanced Segregated FundTop 25 Holdings of Underlying Fund (unaudited)

CIG - 137

Underlying Fund Name: Signature Canadian Balanced Fund


66,000,001 Short-Term Notes 66,000,000 66,000,970 896,371 Toronto-Dominion Bank 56,336,667 61,831,672

1,418,780 Suncor Energy Inc. 46,458,886 44,450,377 1,126,600 Canadian Natural Resources Ltd. 36,595,661 39,802,778

797,400 Barrick Gold Corp. 33,696,178 38,530,368 2,128,500 Talisman Energy Inc. 35,961,150 34,268,850

559,100 Royal Bank of Canada 30,891,806 28,346,370 784,700 BCE Inc. 22,872,206 24,372,782

1,399,100 Bank of America Corp. 22,194,524 21,402,941 598,800 Eli Lilly and Co. 23,978,620 21,354,752 304,200 Johnson & Johnson 20,609,694 19,125,843 481,400 TELUS Corp., Non-Voting Shares 17,496,388 18,543,528

15,750,000 55 Ontario School Board Trust 5.9% 06/02/2033 17,222,428 17,642,423

372,300 Goldcorp Inc. 14,659,667 17,352,903 230,500 Union Pacific Corp. 14,177,999 17,056,352 526,700 EnCana Corp. 17,294,514 16,980,808 268,800 Freeport-McMoRan Copper & Gold Inc.,

Class B (USD) 20,411,255 16,920,184 452,500 Rogers Communications Inc., Class B 13,375,371 15,737,950

15,420,000 Canadian Government Bond 2.5% 06/01/2015 15,232,401 15,543,801

413,300 Merck & Co., Ltd. 15,496,601 15,386,115 974,800 Manulife Financial Corp. 18,882,331 15,060,660 182,600 Occidental Petroleum Corp. 14,435,509 14,997,009 374,732 Imperial Oil Ltd. 15,176,607 14,532,107 200,100 Canadian Imperial Bank of Commerce 13,202,299 13,234,614 248,100 Research In Motion Ltd. (USD) 17,499,477 13,010,354


– 27 –


and interest






Class IClass II










2010 2009

14,314 19,304- 13- -

26 42- -

- -14,340 19,359

2 -- 13- 1- -- -

105 22107 36

14,233 19,323

13,906 18,076

16.94 17.5316.37 17.08

529,074 715,391321,786 397,140






2010 2009

19,323 19,086

1,090 348(5,644) (1,977)(4,554) (1,629)

(536) 1,36714,233 18,824


2010 2009

- 107- -- -- 107

62 704 4- -- -- -- -3 4

69 78

(69) 29

352 (237)

- 111

(819) 1,464(467) 1,338

(536) 1,367

Signature Canadian Balanced Segregated FundFinancial Statements (unaudited)





1,018,785 Signature Canadian Balanced Fund (Class A) 13,906,032 14,313,924



Total Net Assets (100.0%) 14,233,271


Signature Canadian Balanced Segregated FundFinancial Statements – Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited)





2010 2009 2010 2009

(0.47) 1.12 (0.71) 1.02

Schedule 1 Class I






Schedule 3 Class I






2010 2009 2008 2007 2006 2005

16.37 15.42 17.23 17.71 15.59 13.99

2010 2009 2008 2007 2006 2005

16.94 15.68 17.34 17.82 15.69 14.08

2010 2009 2008 2007 2006 2005

2.39 2.39 3.87 4.04 4.04 4.120.12 0.12 0.19 0.24 0.26 0.292.51 2.51 4.06 4.28 4.30 4.41

2010 2009 2008 2007 2006 2005

4.04 4.04 4.03 4.04 4.04 4.120.20 0.20 0.20 0.24 0.26 0.294.24 4.24 4.23 4.28 4.30 4.41

2010 2009 2010 2009

715,391 831,366 397,140 490,34517,188 17,462 45,820 7,827

(203,505) (99,072) (121,174) (39,694)529,074 749,756 321,786 458,478


Other Price Risk The Fund bears the other price risk exposure of the Underlying Fund. The other price risk exposureof the Underlying Fund is insignificant. The Underlying Fund portfolio consists of Canadian stocksand fixed income securities, thus an overall downturn in the Canadian economy may lead to awidening in credit spreads and a decrease in equity prices which would then lead to a decrease inthe value of the Underlying Fund’s holdings.







As at June 30, 2010, had the Canadian markets increased or decreased by 10% (December 31,2009 - 10%), with all other variables held constant, the Fund’s net assets would have increased ordecreased, respectively, by approximately $1,431,000 (December 31, 2009 - $1,930,000). In practice,actual results may differ from this sensitivity analysis and the difference may be material.


Signature Canadian Balanced Segregated FundFund Specific Financial Instruments Risks (Note 2) (unaudited)



14,314 100.6 14,314 100.6


19,304 99.919,304 99.9

– 30 –

CI Money Market Segregated FundTop 25 Holdings of Underlying Fund (unaudited)

CIG - 142

Underlying Fund Name: CI Money Market Fund


159,900,000 Province of Ontario, FRN 1.54429%04/02/2013 160,507,266 160,353,051

123,264,486 Cash & Equivalents 123,264,486 123,264,486 70,670,000 Province of Ontario, FRN 0.66286%

12/03/2010 70,541,676 70,661,120 68,815,000 Royal Bank of Canada, FRN 1.28429%

09/27/2010 68,795,803 68,816,186 65,350,000 Canada Housing Trust No.1, FRN, Series 12

0.81857% 09/15/2010 65,542,924 65,350,445 60,800,000 Canada Housing Trust No.1, FRN, Series 27

1.22857% 09/15/2014 60,800,098 60,800,079 60,475,000 Province of Ontario 2.5% 08/20/2010 61,529,735 60,630,851 57,900,000 Toronto-Dominion Bank, FRN 1.75857%

04/15/2011 57,487,898 57,749,308 43,970,000 Bank of Montreal, FRN 2.06429%

09/02/2010 44,107,992 43,989,121 36,800,000 Royal Bank of Canada 1.37357%

05/11/2012 36,806,068 36,800,000 36,800,000 Government of Canada T-Bill 0.78%

12/10/2010 36,657,584 36,672,742 36,500,000 HSBC Bank Canada, FRN 1.46143%

09/16/2011 36,530,732 36,530,663 34,800,000 Bank of Nova Scotia, FRN 1.97571%

09/10/2010 34,977,584 34,824,541 33,500,000 Province of Ontario 1.17357% 07/15/2011 33,515,745 33,500,000 32,100,000 Canada Housing Trust No.1 0.81357%

06/15/2013 31,849,620 31,907,358 31,500,000 Canadian Imperial Bank of Commerce

1.70857% 06/15/2011 31,287,974 31,413,964 28,360,000 MetLife Global Funding I 2.88143%

06/29/2011 28,360,000 28,360,000 27,200,000 Bank Nova Scotia 1.13571% 04/20/2012 27,206,256 27,206,237 26,800,000 Royal Bank of Canada 5.13% 09/27/2010 27,915,952 27,081,360 25,100,000 Suncor Energy 0.63% 07/07/2010 25,087,952 25,097,401 22,500,000 Suncor Energy 0.65% 07/16/2010 22,488,075 22,494,034 21,650,000 Province of Ontario, FRN 0.85286%

09/17/2010 21,614,317 21,649,239 21,330,000 International Bank for Reconstruction

and Development 1.12% 10/31/2012 21,330,000 21,330,000 18,480,000 Canadian Tire Corp., Ltd., 5.22% 10/01/2010 19,087,514 18,679,673 18,660,000 Province of Quebec, FRN 0.77357%

08/06/2011 18,675,301 18,671,183


– 31 –


and interest






Class IClass II










2010 2009

5,210 5,73362 11360 83621 114

- -

- 15,353 6,797

- -- -- -- 2

62 20568 1,075

130 1,2825,223 5,515

5,210 5,733

12.83 12.8312.66 12.70

161,249 157,164249,046 275,540






2010 2009

5,515 3,138

53,865 7,039(54,150) (6,331)

(285) 708

(7) (7)5,223 3,839


2010 2009

8 42 1- -

10 5

3 31 1

13 7- -- -- -1 1

18 12

(8) (7)

1 -

- -

- -1 -

(7) (7)

CI Money Market Segregated FundFinancial Statements (unaudited)





520,965 CI Money Market Fund (Class A) 5,209,655 5,209,655





CI Money Market Segregated FundFinancial Statements – Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited)





2010 2009 2010 2009

0.01 - (0.03) (0.05)

Schedule 1 Class I






Schedule 3 Class I






2010 2009 2008 2007 2006 2005

12.66 12.75 12.75 12.45 12.13 11.96

2010 2009 2008 2007 2006 2005

12.83 12.84 12.78 12.47 12.16 11.98

2010 2009 2008 2007 2006 2005

0.89 1.02 1.76 1.86 1.86 1.840.05 0.06 0.11 0.11 0.11 0.130.94 1.08 1.87 1.97 1.97 1.97

2010 2009 2008 2007 2006 2005

1.48 1.71 1.84 1.86 1.86 1.840.08 0.09 0.11 0.11 0.11 0.131.56 1.80 1.95 1.97 1.97 1.97

2010 2009 2010 2009

157,164 130,360 275,540 114,4341,867,555 335,898 2,358,236 213,300(1,863,470) (308,058) (2,384,730) (185,901)

161,249 158,200 249,046 141,833

– 33 –

CI Canadian Bond Segregated FundTop 25 Holdings of Underlying Fund (unaudited)

CIG - 140

Underlying Fund Name: Signature Canadian Bond Fund


126,000,001 Short-Term Notes 126,000,000 126,003,178 64,834,000 Canadian Government Bond, Series YR94

3.75% 06/01/2019 66,212,275 68,600,870 55,335,000 Canadian Government Bond 2.5%

06/01/2015 54,700,028 55,779,261 38,657,000 Canadian Government Bond 5.75%

06/01/2029 47,934,024 49,921,586 43,490,000 Province of Ontario 4.2% 06/02/2020 42,999,987 44,294,354 36,557,000 55 Ontario School Board Trust 5.9%

06/02/2033 38,561,987 40,949,464 36,970,000 Canadian Government Bond, Series YN80

3.5% 06/01/2013 38,527,550 38,701,088 29,710,000 Canadian Government Bond 4%



06/01/2011 29,090,340 29,024,978 26,970,000 Canadian Government Bond 2% 09/01/2012 26,998,003 27,230,941 26,220,000 Canadian Government Bond 2% 12/01/2014 25,314,369 25,937,807 19,435,000 Canadian Government Bond, Series XW98

5% 06/01/2037 22,940,454 23,916,954 20,670,000 Province of Quebec 5.75% 12/01/2036 23,130,848 23,870,489 23,370,000 Canadian Government Bond 1% 09/01/2011 23,255,954 23,351,860 20,815,000 Canadian Government Bond, Series YL25

4.25% 06/01/2018 22,083,416 22,803,791 20,065,000 Province of Quebec 4.5% 12/01/2017 20,822,855 21,220,765 19,525,000 Bank of Ireland 2.75% 03/02/2012 20,579,307 20,628,291 27,000,000 Royal Bank of Scotland, Callable 5.37%

05/12/2049 23,825,409 19,710,000 17,950,000 EUROFIMA 5.15% 12/13/2019 18,412,852 19,256,497 18,330,000 Province of Ontario 4.4% 06/02/2019 18,944,055 19,089,497 16,523,899 New Brunswick F-M Project Co., Inc.,

Callable 6.47% 11/30/2027 18,406,969 19,045,528 13,711,000 Canadian Government Bond 5.75%

06/01/2033 17,181,533 18,111,631 11,373,000 Canadian Government Bond 8%

06/01/2027 16,244,688 17,759,660 16,725,000 African Development Bank 4.85%

07/24/2012 17,841,394 17,706,124


– 34 –


and interest






Class IClass II










2010 2009

1,608 1,8183 3- -3 -- -

- -1,614 1,821

- -- 1- -- -- -7 -7 1

1,607 1,820

1,561 1,814

15.41 14.7715.11 14.56

58,657 67,73346,510 56,277






2010 2009

1,820 2,048

158 139(441) (388)(283) (249)

70 231,607 1,822


2010 2009

26 31- -- -

26 31

5 61 -- -- -- -- -- -6 6

20 25

7 (3)

- -

43 150 (2)

70 23

CI Canadian Bond Segregated FundFinancial Statements (unaudited)





281,666 Signature Canadian Bond Fund (Class A) 1,561,401 1,608,310





CI Canadian Bond Segregated FundFinancial Statements – Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited)





2010 2009 2010 2009

0.64 0.22 0.56 0.12

Schedule 1 Class I






Schedule 3 Class I






2010 2009 2008 2007 2006 2005

15.11 14.27 13.96 13.48 13.20 13.53

2010 2009 2008 2007 2006 2005

15.41 14.39 13.98 13.50 13.23 13.56

2010 2009 2008 2007 2006 2005

1.71 1.71 2.60 2.72 2.71 2.790.09 0.09 0.13 0.16 0.17 0.191.80 1.80 2.73 2.88 2.88 2.98

2010 2009 2008 2007 2006 2005

2.71 2.71 2.71 2.72 2.71 2.790.14 0.14 0.14 0.16 0.17 0.192.85 2.85 2.85 2.88 2.88 2.98

2010 2009 2010 2009

67,733 73,412 56,277 71,4312,761 1,656 7,949 8,202

(11,837) (8,770) (17,716) (18,812)58,657 66,298 46,510 60,821

– 36 –

Signature Dividend Income Segregated FundTop 25 Holdings of Underlying Fund (unaudited)

CIG - 139

Underlying Fund Name: Signature Dividend Fund


947,300 Toronto-Dominion Bank 58,660,520 65,344,754 3,244,800 Bank of America Corp. 50,091,733 49,637,813

742,377 TELUS Corp., Non-Voting Shares 29,356,089 28,596,362 682,700 JPMorgan Chase & Co. 29,270,385 26,607,102

26,000,001 Short-Term Notes 26,000,000 26,000,486 697,000 Eli Lilly and Co. 28,217,344 24,856,817 378,700 Johnson & Johnson 25,822,127 23,809,851 423,500 Royal Bank of Canada 23,498,744 21,471,450

1,012,400 BCE Inc., 4.4% Preferred, Series AF 16 25,542,852 21,108,540 573,200 TransCanada Corp. 19,518,316 20,411,652 525,000 Imperial Oil Ltd. 20,665,839 20,359,500 975,100 BCE Inc., Preferred, Series AB 25,548,464 20,184,570 722,853 Manitoba Telecom Services Inc. 25,982,588 19,451,974 898,200 BCE Inc., 5.55% Preferred, Series 19 23,404,481 18,961,002 566,700 BCE Inc. 17,305,743 17,601,702 669,900 Fortis Inc., Callable/Convertible,

4.9% Preferred, Series E 16,787,093 17,457,594 1,100,000 Manulife Financial Corp. 20,967,782 16,995,000

323,900 Nestle SA, Registered Shares 11,960,964 16,700,494 660,600 Brookfield Properties Corp.,

5.75% Preferred, Series H 16,532,048 16,343,244 606,100 Brookfield Properties Corp.,

6% Preferred, Series F 15,849,515 15,558,587 408,700 Merck & Co., Ltd. 15,515,715 15,214,869 504,300 Bank of Montreal 5.95% Preferred,

Series 10 (USD) 16,993,592 14,022,649 186,600 Union Pacific Corp. 12,845,920 13,807,876 651,100 HSBC Bank Canada,

5.1% Preferred, Series 5 16,277,500 13,803,320 665,400 Royal Bank of Canada

4.7% Preferred, Series AB 16,635,000 13,640,700


– 37 –


and interest






Class IClass II










2010 2009

17,211 21,273- 81- -

36 1- -

- -17,247 21,355

8 -- 12- 1- -- 18

14 522 36

17,225 21,319

17,739 21,051

18.19 18.5217.70 18.14

587,373 724,370369,571 435,539






2010 2009

21,319 19,362

177 224(3,956) (1,993)(3,779) (1,769)

(315) 2,64917,225 20,242


2010 2009

220 269- -- -

220 269

61 604 4- -- -- -- -3 3

68 67

152 202

60 (528)

223 268

(750) 2,707(467) 2,447

(315) 2,649

Signature Dividend Income Segregated FundFinancial Statements (unaudited)





1,827,109 Signature Dividend Fund (Class X) 17,739,358 17,211,368



Total Net Assets (100.0%) 17,224,576


Signature Dividend Income Segregated FundFinancial Statements – Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited)





2010 2009 2010 2009

(0.24) 2.04 (0.41) 1.96

Schedule 1 Class I






Schedule 3 Class I






2010 2009 2008 2007 2006 2005

17.70 15.92 17.33 19.25 17.96 16.54

2010 2009 2008 2007 2006 2005

18.19 16.14 17.42 19.34 18.06 16.63

2010 2009 2008 2007 2006 2005

1.39 1.39 2.58 2.69 2.69 2.780.07 0.07 0.13 0.16 0.17 0.191.46 1.46 2.71 2.85 2.86 2.97

2010 2009 2008 2007 2006 2005

2.69 2.69 2.69 2.69 2.69 2.780.13 0.13 0.13 0.16 0.17 0.192.82 2.82 2.82 2.85 2.86 2.97

2010 2009 2010 2009

724,370 866,682 435,539 520,2215,284 9,429 4,091 5,247

(142,281) (95,735) (70,059) (44,766)587,373 780,376 369,571 480,702

– 39 –

Signature High Income B Segregated FundTop 25 Holdings of Underlying Fund (unaudited)

CIG - 141

Underlying Fund Name: Signature High Income Fund


220,000,001 Short-Term Notes 220,000,000 220,002,758 7,104,530 Inter Pipeline Fund LP 60,790,594 84,899,134 6,232,192 Westfield Group 70,080,022 67,980,243 2,097,300 BCE Inc. 58,473,790 65,142,138 2,248,560 Canadian REIT 47,797,397 62,464,997 3,345,800 H&R REIT 53,179,689 56,878,600 2,933,560 Cominar REIT 36,129,361 54,417,538 2,189,200 Brookfield Asset Management Inc., Class A 45,238,047 52,694,044

43,970,000 JPMorgan Chase & Co., FRN Callable 7.9% 04/30/2049 40,470,470 48,246,889

1,417,359 Vermilion Energy Trust 27,444,626 47,722,478 757,090 Digital Realty Trust Inc. 40,706,995 46,487,982

2,333,600 ARC Energy Trust 42,416,216 46,041,928 2,339,940 Allied Properties REIT 33,764,046 45,886,223 1,077,500 TELUS Corp., Non-Voting Shares 33,039,046 41,505,300 3,925,960 Fort Chicago Energy Partners LP 42,173,984 41,418,878 1,096,800 Crescent Point Energy Corp. 24,598,159 40,757,088

10,596,308 Transurban Group 51,732,385 40,236,021 1,572,644 Bell Aliant Regional

Communications Income Fund 47,663,810 39,992,337 37,000,000 Wells Fargo Capital XIII 7.7% 12/29/2049 32,887,988 39,782,405 1,615,200 Bonavista Energy Trust 38,618,175 36,842,712

203,737 Unibail 34,972,684 35,735,657 26,332,000 Teck Resources Ltd., 10.75% 05/15/2019 30,768,342 34,347,428 1,903,980 Pembina Pipeline Income Fund 25,663,554 34,005,083 5,664,400 Yellow Pages Income Fund 32,178,849 33,759,824

30,000,000 Wells Fargo & Co., 7.98% 02/28/2049 22,097,772 32,894,737


– 40 –


and interest






Class IClass II










2010 2009

1,265 2,6926 -- -- 19- -

- -1,271 2,711

- 5- 2- -- -- -- -- 7

1,271 2,704

1,318 2,772

21.77 21.4121.41 21.20

34,608 66,58324,181 60,323






2010 2009

2,704 2,374

146 35(1,626) (105)(1,480) (70)

47 2691,271 2,573


2010 2009

36 63- -- -

36 63

7 10- -- -- -- -- -- 17 11

29 52

(28) (30)

20 32

26 21518 217

47 269

Signature High Income B Segregated FundFinancial Statements (unaudited)





101,279 Signature High Income Fund (Class A) 1,318,291 1,264,972





Signature High Income B Segregated FundFinancial Statements – Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited)





2010 2009 2010 2009

0.54 1.96 0.60 1.81

Schedule 1 Class I






Schedule 3 Class I






2010 2009 2008 2007 2006 2005

21.41 18.35 21.85 22.36 21.11 19.04

2010 2009 2008 2007 2006 2005

21.77 18.40 21.74 22.24 20.99 18.94

2010 2009 2008 2007 2006 2005

1.69 1.69 2.86 2.99 2.99 3.030.08 0.08 0.14 0.18 0.19 0.221.77 1.77 3.00 3.17 3.18 3.25

2010 2009 2008 2007 2006 2005

2.99 2.99 2.99 2.99 2.99 3.030.15 0.15 0.15 0.18 0.19 0.223.14 3.14 3.14 3.17 3.18 3.25

2010 2009 2010 2009

66,583 70,411 60,323 73,6691,647 1,971 5,025 17

(33,622) (477) (41,167) (5,599)34,608 71,905 24,181 68,087

– 42 –

Signature High Income Segregated FundTop 25 Holdings of Underlying Fund (unaudited)

CIG - 138

Underlying Fund Name: Signature High Income Fund


220,000,001 Short-Term Notes 220,000,000 220,002,758 7,104,530 Inter Pipeline Fund LP 60,790,594 84,899,134 6,232,192 Westfield Group 70,080,022 67,980,243 2,097,300 BCE Inc. 58,473,790 65,142,138 2,248,560 Canadian REIT 47,797,397 62,464,997 3,345,800 H&R REIT 53,179,689 56,878,600 2,933,560 Cominar REIT 36,129,361 54,417,538 2,189,200 Brookfield Asset Management Inc., Class A 45,238,047 52,694,044

43,970,000 JPMorgan Chase & Co., FRN Callable 7.9% 04/30/2049 40,470,470 48,246,889

1,417,359 Vermilion Energy Trust 27,444,626 47,722,478 757,090 Digital Realty Trust Inc. 40,706,995 46,487,982

2,333,600 ARC Energy Trust 42,416,216 46,041,928 2,339,940 Allied Properties REIT 33,764,046 45,886,223 1,077,500 TELUS Corp., Non-Voting Shares 33,039,046 41,505,300 3,925,960 Fort Chicago Energy Partners LP 42,173,984 41,418,878 1,096,800 Crescent Point Energy Corp. 24,598,159 40,757,088

10,596,308 Transurban Group 51,732,385 40,236,021 1,572,644 Bell Aliant Regional

Communications Income Fund 47,663,810 39,992,337 37,000,000 Wells Fargo Capital XIII 7.7% 12/29/2049 32,887,988 39,782,405 1,615,200 Bonavista Energy Trust 38,618,175 36,842,712

203,737 Unibail 34,972,684 35,735,657 26,332,000 Teck Resources Ltd., 10.75% 05/15/2019 30,768,342 34,347,428 1,903,980 Pembina Pipeline Income Fund 25,663,554 34,005,083 5,664,400 Yellow Pages Income Fund 32,178,849 33,759,824

30,000,000 Wells Fargo & Co., 7.98% 02/28/2049 22,097,772 32,894,737


– 43 –


and interest






Class IClass II










2010 2009

9,022 12,94351 5221 1

- 21- -

- -9,094 13,017

- -1 10- -- -

20 -100 137121 147

8,973 12,870

8,785 12,372

24.18 23.7823.53 23.30

212,258 284,966163,277 261,603






2010 2009

12,870 11,614

857 390(4,950) (862)(4,093) (472)

196 1,2938,973 12,435


2010 2009

228 306- -- -

228 306

42 482 2- -- -- -- -2 2

46 52

182 254

232 (145)

116 154

(334) 1,03014 1,039

196 1,293

Signature High Income Segregated FundFinancial Statements (unaudited)





722,330 Signature High Income Fund (Class A) 8,784,958 9,021,902





Signature High Income Segregated FundFinancial Statements – Supplementary Schedules (for the periods ended June 30 and December 31) (unaudited)





2010 2009 2010 2009

0.52 2.13 0.34 2.00

Schedule 1 Class I






Schedule 3 Class I






2010 2009 2008 2007 2006 2005

23.53 20.16 24.01 24.57 23.22 20.97

2010 2009 2008 2007 2006 2005

24.18 20.44 24.13 24.70 23.34 21.07

2010 2009 2008 2007 2006 2005

1.69 1.69 2.88 2.99 2.99 3.030.08 0.08 0.14 0.18 0.19 0.221.77 1.77 3.02 3.17 3.18 3.25

2010 2009 2008 2007 2006 2005

2.99 2.99 2.99 2.99 2.99 3.030.15 0.15 0.15 0.18 0.19 0.223.14 3.14 3.14 3.17 3.18 3.25

2010 2009 2010 2009

284,966 331,432 261,603 306,52127,458 10,409 8,011 10,368

(100,166) (28,286) (106,337) (18,077)212,258 313,555 163,277 298,812

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These financial statements have been prepared in accordance with Canadian Generally Accepted

Accounting Principles (“Canadian GAAP”). Significant accounting policies used in preparing the semi-

annual financial statements are consistent with those used in preparing the annual financial

statements. The semi-annual financial statements should be read in conjunction with the Funds’

December 31, 2009 annual financial statements.

The Statement of Investment Portfolio for each of the Funds is as at June 30, 2010 and the Statements

of Net Assets are as at June 30, 2010 and December 31, 2009. The Statements of Operations and

Statements of Changes in Net Assets for each Fund are for the periods ended June 30, 2010 and 2009.

The Supplementary Schedules to the Financial Statements for each Fund are for six months ended

June 30, 2010 and for each of the most recent five periods ended June 30 for schedule 1 and

December 31 for schedule 3, and for periods ended June 30, 2010 and 2009 for schedules 2 and 4. The

Fund’s Specific Financial Instruments Risks for each of the Funds are as at June 30, 2010 and

December 31, 2009, where applicable.

On January 20, 2009, the Canadian Institute of Chartered Accountants (“CICA”) Accounting Standards

Board ("AcSB") issued Emerging Issues Committee Abstract 173: Credit Risk and the Fair Value of Financial

Assets and Financial Liabilities ("EIC – 173"). EIC – 173 supplements CICA Handbook Section 3855

wherein it states that fair value takes into account the credit quality of a financial instrument. The EIC

affirms that an entity’s own credit risk (in the case of financial liabilities) and counterparty’s credit risk

(in the case of financial assets) should be taken into account in determining the fair value of financial

assets and financial liabilities, including derivative instruments.

The Manager has reviewed its policies over valuation of assets and liabilities and believes that the

fair values ascribed to the financial assets and financial liabilities in these financial statements

incorporate appropriate levels of credit risk.

The CICA amended Section 3862 “Financial Instruments – Disclosures” to incorporate changes made to

IFRS 7 – “Financial Instruments: Disclosure”. Amended Section 3862 became effective for interim and

annual financial statements relating to fiscal years beginning on or after September 30, 2009. Amended

Section 3862 establishes a three-tier hierarchy based on inputs used to value the Funds’ investments

as a framework to enhanced disclosure about fair value measurement. The Funds adopted the

amendments to CICA 3862, “Financial Instruments – Disclosures” on December 31, 2009. The adoption

of amended Section 3862 has no impact on valuation policies, or the way the Funds’ Net Assets are

calculated.

The Funds invest in other investment funds and these investments are classified as Level 1.

(a) Valuation of Investments

Investments are categorized as held for trading in accordance with Section 3855, “Financial

Instruments – Recognition and Measurement” and are recorded at their fair value. Underlying funds

are valued on each business day at their Net Asset Value as reported by the fund manager.

Each of the Funds invests solely in units of an underlying mutual fund. As a result, the standards do

not impact the Fund valuation of investments since the Fund’s investments are priced based on the net

asset value per unit of the underlying mutual fund and those values reflect actual and regularly

occurring market transactions on an arm’s length basis.

2. FINANCIAL INSTRUMENTS RISK

Risk Management

The Funds that invest in units of underlying funds are exposed to a variety of financial instruments

risks: credit risk, liquidity risk and market risk (including interest rate risk, currency risk and other price

risk). The level of risk to which each Fund is exposed depends on the investment objective and the type

of investments held by the underlying fund. The value of investments within an underlying fund

portfolio can fluctuate daily as a result of changes in prevailing interest rates, economic and market

conditions and company specific news related to investments held by the underlying fund. The

Manager of the underlying fund may minimize potential adverse effects of these risks by, but not

limited to, regular monitoring of the underlying fund’s positions and market events, diversification of

the investment portfolio by asset type, country, sector, term to maturity within the constraints of the

stated objectives, and through the usage of derivatives to hedge certain risk exposures.

During the six-month period some Funds’ exposure to financial instruments risks changed significantly

as per details disclosed in the "Fund Specific Financial Instruments Risks" section of the financial

statements. For details relating to financial instruments risks exposure for remaining Funds refer to the

audited annual financial statements as at December 31, 2009, as these Funds’ exposure to financial

instruments risks remained unchanged through the period.

Other Price Risk

Other price risk is the risk that the value of financial instruments will fluctuate as a result of changes

in market prices (other than those arising from interest rate risk or currency risk). The value of each

investment is influenced by the outlook of the issuer and by general economic and political conditions,

as well as industry and market trends. All securities present a risk of loss of capital. Except for options

written, future contracts and investments sold short, the maximum risk resulting from financial

instruments is equivalent to their fair value.

Other assets and liabilities are monetary items that are short-term in nature and therefore are not

subject to other price risk.

Interest Rate Risk

Interest rate risk is the risk that the fair value of interest-bearing investments will fluctuate due to

changes in prevailing levels of market interest rates. As a result, the value of the underlying funds that

invest in debt securities and/or income trusts will be affected by changes in applicable interest rates.

If interest rates fall, the fair value of existing debt securities may increase due to the increase in yield.

On the other hand, if interest rates rise, the yield of existing debt securities decrease which may then

lead to a decrease in their fair value. The magnitude of the decline will generally be greater for long-

term debt securities than for short-term debt securities.

Interest rate risk also applies to underlying funds that invest in convertible securities. The fair value of

these securities varies inversely with interest rates, similar to other debt securities. However, since

they may be converted into common shares, convertible securities are generally less affected by

interest rate fluctuations than other debt securities.

Currency Risk

Currency risk arises from financial instruments that are denominated in a currency other than the

functional currency of the underlying funds. As a result the underlying funds may be exposed to the

risk that the value of securities denominated in other currencies will fluctuate due to changes in

exchange rates. Equities traded in foreign markets are also exposed to currency risk as the prices

denominated in foreign currencies are converted to underlying funds’ functional currency to determine

their fair value.

Legacy Segregated FundsNotes to the Financial Statements (unaudited)


Credit Risk

Credit risk is the risk that a security issuer or counterparty to a financial instrument will fail to meet

its financial obligations. The fair value of a debt instrument includes consideration of the credit

worthiness of the debt issuer. The credit risk exposure of Funds’ other assets is represented by its

carrying amount as disclosed in the Statement of Net Assets.

Liquidity Risk

The underlying funds are exposed to daily cash redemption of redeemable units. Therefore, underlying

funds invest the majority of their assets in investments that are traded in active markets and can be

readily disposed of. In addition, the underlying funds retain sufficient cash and cash equivalents

positions to maintain liquidity. From time to time, the underlying funds may enter into derivative

contracts or invest in unlisted securities that may not trade in an organized market and may be illiquid.

The Funds are also exposed to daily cash redemption therefore the funds retain sufficient cash position

to maintain liquidity.

3. FUTURE ACCOUNTING STANDARDS

“International Financial Reporting Standards”

On February 13, 2008, the Canadian Accounting Standards Board (“AcSB”) confirmed that the use of

International Financial Reporting Standards (“IFRS”) will be required in 2011 for all publicly accountable

profit-oriented enterprises. IFRS will replace Canadian GAAP. On June 30, 2010, the AcSB proposed

deferral of the IFRS changeover date by one year. Based on the proposed change the IFRS would become

effective for interim and annual financial statements relating to fiscal years beginning on or after January

1, 2012 instead of January 1, 2011. The proposed change is expected to be finalized in September 2010.

Based on the Manager’s current evaluation of the differences between IFRS and Canadian GAAP, the

Manager currently does not expect any impact to net asset value or net asset value per unit, at this time,

as a result of the transition to IFRS, and expects that the main impact will be on the financial statements,

where additional disclosures or changes in presentation will be required. Further updates on the progress

in the implementation of the IFRS transition plan and any changes to reporting will be provided during the

implementation period leading up to the transition date.

Legacy Segregated FundsNotes to the Financial Statements (cont’d) (unaudited)


NOTICE: Should you require additional copies of these Semi-Annual Financial Statements or have

received more than one copy, please contact CI Investments Inc. or your adviser.

Transamerica Life Canada is the sole issuer of the individual variable annuity contract providing for

investment in Legacy Segregated Funds. A description of the key features of the applicable individual

variable annuity contract is contained in the Legacy Funds Information Folder. ANY AMOUNT THAT

IS ALLOCATED TO A SEGREGATED FUND IS INVESTED AT THE RISK OF THE OWNER AND

MAY INCREASE OR DECREASE IN VALUE.

®CI Investments and the CI Investments design are trademarks of CI Investments Inc. ®TRANSAMERICA

and the pyramid design are registered trademarks of Transamerica Corporation. Transamerica Life

Canada is licensed to use such marks.

INFORMATION FOLDER: CI Investments Inc. would be pleased to provide, without charge, the most

recent Information Folder upon request to its Toronto office.

Legacy Segregated Funds Legal Notice

Semi-Annual Financial Statements as at June 30, 2010 – 47 –

LEGACY_SA_08/10E

2 Queen Street East, Twentieth Floor, Toronto, Ontario M5C 3G7 I www.ci.comHead Office / Toronto416-364-1145 1-800-268-9374

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Semi-Annual Financial Statement– as at June 30, 2010

Documents

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